Azule Energy, a joint venture between two energy majors, Italy’s Eni and the UK’s BP, has sealed a deal to divest its interests in two blocks off the coast of Angola.
Azule Energy has signed a sale and purchase agreement (SPA) with Etu Energias Block 14 (Etu Energias) for the sale of its participating interest in offshore blocks 14 and 14K located in the Lower Congo Basin. This transaction is valued at up to $310 million and includes deferred contingent payments of up to $115 million.
Joseph Murphy , Azule Energy’s Chief Executive Officer, commented: “This transaction is aligned with Azule Energy´s strategy to concentrate our efforts on our core assets in Angola. As the company completes this divestment, it will continue to pursue opportunities that will meet the country’s energy needs and drive a sustainable future.”
The Eni-BP joint venture firm inked an SPA with a consortium of Etablissements Maurel & Prom (M&P) and BW Energy for the sale of these interests in December 2025, following which Etu Energias exercised its pre-emption rights in relation to the blocks. With the signing of the latest SPA, the deal with M&P and BWE is terminated.
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The completion of the divestment, expected in the second half of 2026, is subject to customary adjustments and approvals by the Angolan authorities. Azule Energy holds a 20% interest in Block 14 in Angola and a 10% interest in Block 14K, which have been producing since 1999.
This disposal comes shortly after the company confirmed the full field start-up of three oil production wells, as another significant milestone within the broader Agogo Integrated West Hub (IWH) project offshore Angola.